|OneCoast Network Is Acquired By Group of Private Investors|
|Investment Enables OneCoast to Continue to Invest in Sales-Generating Activities and Tools|
|Atlanta, GA – January 12, 2004 – OneCoast Network (OneCoast) has announced that a group of private investors has acquired OneCoast Network. Eyk and Rose-Marie Van Otterloo, from Marblehead, Massachusetts, lead the investor group.
“OneCoast is committed to being the most professional, effective sales organization in the giftware, home furnishings and collegiate industry,” said Ted Teele, CEO of OneCoast. “We feel that this acquisition strongly supports this objective.”
“The investment brings two major benefits to OneCoast and our partners: (1) we will continue to invest in sales-generating activities (like the skills training workshops for our sales teams) and productivity tools (like sales automation technologies) and (2) we are now owned by investors whose long term focus and previous experiences are strongly aligned with our strategy.”
Eyk and Rose-Marie Van Otterloo have significant experience in the retail industry. They are part owners in an 11-store New England chain called Irresistibles where Rose-Marie was a buyer for a number of years. Eyk is a co-founder and Board Member of the Boston-based investment firm GMO, which manages $50 billion of assets for large institutional investors. Both Eyk and Rose-Marie are active philanthropists of a large number of charities including The Museum of Fine Arts and McLean Hospital (Belmont, Mass.). A third investor is a highly accomplished businessman, former government official and philanthropist named Scott Spangler, who is based in Arizona.
“We are most impressed with the high quality of the OneCoast management team as well as with the professionalism of its sales teams,” said Mr. Van Otterloo. “The management has laid out a business strategy which is succeeding in growing the sales of both its suppliers and retailers, and we believe OneCoast will continue to thrive. We are very excited to be involved with OneCoast and with the giftware and home furnishings industry.”
Mr. Teele said that while there are always changes in the ordinary course of business, he expects that there would be no changes in the management team or the operations of its regional agencies as a result of the acquisition.
The investment was effective December 31, 2003.